Exhibit 99.1

News Release

For Release July 11, 2012

9:00 A.M.

Contact:            Joseph G. Sawyer, Senior Vice President & Chief Financial Officer or

Robin D. Brown, Senior Vice President & Director of Marketing

(803) 951- 2265

First Community Corporation Announces Second Quarter Results and Cash Dividend

Highlights

·                  36% increase in net income available to common shareholders to $760,000 or $0.23 per share

·                  Continued payment of cash dividend

·                  Capital ratios of 9.94% (Tier 1 Leverage), 16.64% (Tier 1 Risk Based) and 18.59% (Total Capital)

·                  Loan portfolio quality better than peers, with NPA ratio decreasing to 1.60%

·                  OCC exam completed during the 2nd quarter results in lifting of regulatory agreement

Lexington, SC — July 11, 2012  Today, First Community Corporation (Nasdaq:  FCCO), the holding company for First Community Bank, reported net income available to common shareholders for the second quarter of 2012.  Net income available to common shareholders for the second quarter of 2012 was $760 thousand as compared to $558 thousand in the second quarter of 2011, an increase of 36.2%.  Diluted earnings per common share were $0.23 for the second quarter of 2012 as compared to $0.17 for the second quarter of 2011, an increase of 35.3%.

Year-to-date 2012 net income available to common shareholders was $1.39 million compared to $961 thousand during the first six months of 2011, an increase of 44.6%.  Diluted earnings per share for the first half of 2012 were $0.42, an increase of 44.8% over the same period in 2011, which produced diluted earnings per share of $0.29.

Cash Dividend and Capital

The company announced that the Board of Directors has approved a cash dividend for the second quarter of 2012.  The company will pay a $.04 per share dividend to holders of the company’s common stock.  This dividend is payable August 3, 2012, to shareholders of record as of July 20, 2012.

During the second quarter of 2012, all of the company’s regulatory capital ratios continued to increase as compared to the prior year.  Each of these ratios (Leverage, Tier I Risk Based, and Total Risk Based) exceeds the well capitalized minimum level currently required by regulatory statute.  At June 30, 2012, the company’s regulatory capital ratios (Leverage, Tier I Risk Based, and Total Risk

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Based) were 9.94%, 16.64% and 18.59%, respectively.  This compares to the same ratios as of June 30, 2011, of 8.98%, 14.57% and 15.87%, respectively.  Additionally, it should be noted that the regulatory capital ratios for the company’s wholly owned subsidiary, First Community Bank, N.A., were 9.93%, 16.62% and 17.88%, respectively, as of June 30, 2012, compared to 8.75%, 14.21% and 15.49%, respectively, as of June 30, 2011.  The improvement in the capital ratios is a result of the company’s continued earnings and its success in executing its previously announced strategy of controlling the overall size of its balance sheet.

Further, the company’s ratio of tangible common equity to tangible assets showed growth increasing to 6.24% as of June 30, 2012, as compared to 5.33% as of June 30, 2011.  Tangible book value is $11.14 per share as of June 30, 2012, as compared to $9.85 as of June 30, 2011.

Asset Quality

Loan Portfolio

Non-performing assets declined by $1,250,000 (11.6%) to $9.5 million (1.60% of total assets) at the end of the quarter, as compared to $10.8 million (1.80%) as of March 31, 2012.  This ratio compares favorably with the bank’s peer group non-performing assets ratio which the company believes to be in excess of 4.00% (based on information obtained from SNL Financial, LC).

Troubled debt restructurings that are still accruing interest increased during the quarter to $4.1 million from $3.7 million at March 31, 2012.  Loans past due 30-89 days decreased from $3.3 million (0.99% of loans) to $2.4 million (0.74% of loans) on a linked quarter basis.

Net loan charge-offs for the quarter were $75 thousand (0.09% annualized ratio) as compared to the same period in the prior year total of $329 thousand (0.40% annualized ratio).  The company believes that this compares very favorably to its peer group average.

Classified loans decreased slightly in the quarter to $16.6 million.  This decrease is a continuation of a trend of declining balances of classified loans.  The ratio of classified loans plus OREO now stands at 34.07% of total regulatory risk-based capital as of June 30, 2012.

Mike Crapps, First Community President and CEO, commented, “Nearly every metric for loan portfolio quality showed improvement during the quarter and it should be noted that we were already performing at better than peer levels.  This is evidence of the credit culture of this organization and can be attributed to the men and women that implement this culture daily and to the high quality of our customers.”

Balance Sheet

The company continued to move forward with its previously announced strategy of controlling the overall size of its balance sheet while improving the mix of both assets and liabilities.  As seen below, the company reported continued success in growing pure deposits (deposits other than certificates of deposit), while reducing the balances of certificates of deposit and Federal Home Loan Bank advances, thereby achieving an even lower cost of funding.

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(Numbers in millions)

Mr. Crapps commented, “Our success in serving our target market of local businesses and professionals is evidenced by the tremendous momentum we have built in the growth of pure deposits.  This success has enabled us to continue to reduce our cost of funds and control our balance sheet size by reducing certificates of deposit and Federal Home Loan Bank advances.  Certificates of deposit now represent only 35.0% of the total deposits.  As a result of this success, the cost of funds, including non-interest bearing demand deposits, has declined to 1.03% from 1.33% in the second quarter of 2011.”  Mr. Crapps continued, “While we have achieved much success on the liability side of our balance sheet, we are frustrated by continuing weak demand in our efforts to grow our loan portfolio.  Nevertheless, our team will continue, with renewed effort, to identify, underwrite, and appropriately price sound loan opportunities.”

Net Interest Income/Net Interest Margin

Net interest income was $4.5 million for the second quarter of 2012, which represents a decrease as compared to $4.6 million in the second quarter of 2011.  The net interest margin, on a tax equivalent basis, was 3.30% for the second quarter of 2012, which represents a decrease from 3.37% during the same period in 2011.  These decreases are driven primarily by declining yields in the investment portfolio as the company sold non-agency mortgage backed securities (MBS) and replaced those investments with lower risk weighted investments earning lower yields.  The company has now substantially reduced its non-agency MBS portfolio, with only $1.7 million remaining that are rated below investment grade by the rating agencies.

Non-Interest Income

Non-interest income increased significantly by 52.3% to $1,855,000 as compared to $1,218,000 in the second quarter of 2011.  This increase was led by the success in mortgage origination revenue increasing from $263,000 to $877,000 this quarter.  Mr. Crapps commented, “The acquisition of Palmetto South Mortgage Corporation in July of 2011 continues to be beneficial and, in combination with the legacy mortgage unit, is a real story of success.  It is also noteworthy that in this quarter, core non-interest income (non-interest income derived from customer activities) represented 30.7% of total revenues.  This diversification of revenue positions us to be successful even in a low net interest margin environment.”

Non-Interest Expense

Non-interest expense increased by $481 thousand (10.9%) to $4.9 million for the second quarter.  This was driven primarily by increased salary and benefit costs in the mortgage unit and increased OREO expenses.

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Regulatory Matters

The OCC completed its safety and soundness examination of the bank during the quarter.  As previously announced, upon conclusion of the exam, the OCC lifted its formal agreement with the bank.  This agreement was entered into on April 6, 2010 based on the findings of the OCC during its 2009 examination of the bank.  As reflected in the formal agreement, the OCC’s primary concern with the bank was driven by rating agency downgrades of non-agency MBSs in the bank’s investment portfolio.  These securities, purchased in 2004 through 2008, were all rated AAA by the rating agencies at the time of purchase; however, they were impacted by the economic recession and the stress on the residential housing sector and were subsequently downgraded, many to below investment grade.  As noted above, the bank has reduced the non-agency MBSs in its investment portfolio that are rated below investment grade to $1.7 million.

First Community Corporation stock trades on the NASDAQ Capital Market under the symbol “FCCO” and is the holding company for First Community Bank, N.A., a local community bank based in the midlands of South Carolina.  First Community Bank, N.A. operates eleven banking offices located in Lexington, Richland, Newberry and Kershaw counties in addition to First Community Financial Consultants, a financial planning/investment advisory division and Palmetto South Mortgage, a separate mortgage division.

Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective.  Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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FIRST COMMUNITY CORPORATION

INCOME STATEMENT DATA

(Dollars in thousands, except per share data)

FIRST COMMUNITY CORPORATION

BALANCE SHEET DATA

(Dollars in thousand, except per share data)

(1) Includes federal funds sold, securities sold under agreements to resell and interest-bearing deposits

Post Office Box 64 / Lexington, SC 29071

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates

  on Average Interest-Bearing Liabilities

FIRST COMMUNITY CORPORATION

Yields on Average Earning Assets and Rates

  on Average Interest-Bearing Liabilities